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Author Question: In the figure above, when the market is in equilibrium, what is the total surplus? A) 1,000 B) ... (Read 65 times)

2125004343

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on: Jun 29, 2018
In the figure above, when the market is in equilibrium, what is the total surplus?
 
  A) 1,000
  B) 800
  C) 200
  D) 1,600

Question 2

Suppose the government wants to discourage the use of cigarettes. If it imposes a tax on cigarettes, the equilibrium quantity falls the most when the elasticity of demand equals
 
  A) 2.00.
  B) 1.00.
  C) 0.50.
  D) 0.


Jane

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


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